Annual Report for period 6th March 2003 to 5th March 2004 'Plenty River', EL 23570

Abstract

EL 23570 was granted to AusQuest Limited on 6th March, 2003, for a term of six years.This is part of a regional search for Broken Hill Style lead-zinc-silver mineralisation under Eromanga Basin and Simpson Desert cover within a major transcurrent fault corridor, extending WNW-ESE through the region. Recent NT Government aeromagnetic surveys, flown in late 2001and 2002, provided for eastsoutheastward extrapolation of this corridor, apparently extending through EL 23570. However, southward deepening cover sediments of the Eromanga Basin, indicated by water bore holes, limit the potential effectiveness of rapid geophysical exploration methods (principally airborne electromagnetics) to test the area. Negotiations for an Exploration Agreement over this tenement had not been completed at the anniversary date of the tenement.